Post by Soutpeel on Apr 13, 2016 11:09:28 GMT 7
Oil jumps on report of Saudi-Russian consensus
London - Oil rallied Tuesday on a report that Saudi Arabia and Russia, the world's two biggest producers, have reached a crude output freeze agreement ahead of key Doha talks this weekend.
At about 17:00 GMT, US benchmark West Texas Intermediate for delivery in May gained $1.41 at $41.77 per barrel, having earlier touched a three-week high at $41.94.
Brent crude for June delivery was trading $1.55 higher at $44.38 a barrel. The contract had earlier forged a four-month peak at $44.73.
Moscow and Riyadh have reached a "consensus" over freeze oil production, the Interfax news agency reported Tuesday, citing an "informed diplomatic source in Doha".
"Today there was a contact between representatives of Saudi Arabia and Russia, during which the countries reached a consensus on the question of freezing oil production," the source told Interfax.
This Sunday's meeting in the Qatari capital Doha will bring together both OPEC producers led by Saudi Arabia and non-OPEC members such as Russia.
www.fin24.com/Markets/Commodities/oil-jumps-on-report-of-saudi-russian-consensus-20160412
London - Oil rallied Tuesday on a report that Saudi Arabia and Russia, the world's two biggest producers, have reached a crude output freeze agreement ahead of key Doha talks this weekend.
At about 17:00 GMT, US benchmark West Texas Intermediate for delivery in May gained $1.41 at $41.77 per barrel, having earlier touched a three-week high at $41.94.
Brent crude for June delivery was trading $1.55 higher at $44.38 a barrel. The contract had earlier forged a four-month peak at $44.73.
Moscow and Riyadh have reached a "consensus" over freeze oil production, the Interfax news agency reported Tuesday, citing an "informed diplomatic source in Doha".
"Today there was a contact between representatives of Saudi Arabia and Russia, during which the countries reached a consensus on the question of freezing oil production," the source told Interfax.
This Sunday's meeting in the Qatari capital Doha will bring together both OPEC producers led by Saudi Arabia and non-OPEC members such as Russia.
www.fin24.com/Markets/Commodities/oil-jumps-on-report-of-saudi-russian-consensus-20160412
